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1. Use the following scenario to answer the next 3 questions. Plastic bags used for packaging produce are manufactured so that the breaking strength of the bag is normally distributed with a mean of 5 pounds per square inch and a standard deviation of 1.5 pounds per square inch. A sample of 25 bags is selected. So we have that the breaking strength of the bags is normal with µ = 5 lbs/in2 and ƒ = 1.5 lbs/in2. Also, n = 25. 1) What is the probability that the average breaking strength is between 5 and 5.5 pounds per square inch?2) What is the probability that the average breaking strength is between 4.2 and 4.5 pounds per square inch?3) What is the probability that the average breaking strength is less than 4.6 pounds per square inch?
he head of the accounting department at a major software manufacturer ltbrgthe head of the accounting department at a
Calculate the effect of an increase in the money supply on GDP. Is the impact larger or smaller than in the case where consumption does not depend on the interest rate? Explain.
a) Distinguish between publicly provided goods, public goods and merit goods.
There has been an increased emphasis on compensating employees through incentive pay. High incentive pay, however, is not likely to be productive in all settings. Discuss the factors that are likely to favor paying high incentive pay to employees.
In the context of a competitive market, what are the impacts on price, quantity, and the outcomes for producers and consumers, of a shock to the marginal cost of production that hits one sector of suppliers?
Suppose Amanda Herman finds that her total spending on compact dics remaing same after price of compact fall, other things equal.
The inequity of players across teams would make the sport less interesting to fans and thus destroy the league. Do you think the owners' argument is correct? Explain.
Determine the official measure of the deficit
If the demand for a product is elastic, what will happen to total revenue if price is increased?
Discuss the circumstances under which you think functional organizations will work best. Discuss the pluses and minuses of matrix organizations.
In what ways can interventionist industrial policy work with the market, rather than against it? What are the arguments for and against such policy?
List three characteristics of an economists, a scientist and thee characteristics of an economist as a policy adviser.
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